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Operator of financial exchanges (NYSE, ICE futures) and provider of mortgage-technology and data services.
Operator of financial exchanges (NYSE, ICE futures) and provider of mortgage-technology and data services.
Earns trading and clearing fees on its exchanges, subscriptions for data, indices and analytics, and mortgage-software fees. It bought NYSE in 2013 and Black Knight in 2023, widening from trading into software for mortgage lenders and servicers. Its London futures exchange is the venue for Brent crude oil futures.
Moat: wide (network effects, scale, regulatory licence). Owning NYSE and major futures markets plus deep mortgage-workflow integration create durable, hard-to-switch platforms.
Headquarters: Atlanta, Georgia, US · Founded: 2000 · Employees: 12,844
Size Intercontinental Exchange (ICE) is a United States Financials company (Investment Banks/Brokers) with a market value of $96.3B, the 130th largest of 3,117 United States companies the cockpit tracks. Shares closed at $172.27 on 6 Nov 2026.
Performance Over six months the shares gained 11.0%, against +5.1% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 19 in its peer set.
Growth Revenue grew 13.5% over the last twelve months (peer median +10.5%); the operating margin is 46.7% (peer median 38.5%).
Valuation It trades at 20.1× forward earnings against a peer median of 20.8× (10th cheapest of 19).
Backlog Backlog (remaining performance obligations) was $3.60B at 30 Sep 2026, up 6% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Credit Intercontinental Exchange has 21 bonds outstanding ($22.6B), rated A- by the agencies and trading like A at a weighted spread of 63 bp.
Short interest Short interest is 1.1% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $13.5B | $12.2B | $11.1B | $9.61B | $9.18B |
| Revenue growth | — | +10% | +15% | +5% | — |
| Gross profit | $9.35B | $8.37B | $7.74B | $6.77B | $6.30B |
| EBITDA | $7.86B | $6.61B | $5.95B | $5.17B | $4.80B |
| Net income | $4.16B | $3.31B | $2.75B | $2.37B | $1.45B |
| Free cash flow | $5.28B | $4.29B | $4.20B | $3.35B | $3.33B |
| Capital expenditure | $930M | $791M | $752M | $489M | $482M |
| Total debt | $24.0B | $20.3B | $20.7B | $23.0B | $18.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Intercontinental Exchange ICE | $96.3B | +11% | +14% | 47% | 20.1× | n/a |
| CME CME | $109B | +9% | +9% | 66% | 23.6× | n/a |
| Nasdaq NDAQ | $59.4B | +21% | +12% | 31% | 23.4× | n/a |
| Cboe Global Markets CBOE | $36.9B | +2% | +14% | 36% | 23.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ICE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.9% | +1.1% | 4th highest of 19 |
| 6-month return | +11.0% | +5.1% | 8th highest of 19 |
| Distance from 52-week high | -3.2% | -11.9% | 3rd highest of 19 |
| Revenue growth (TTM) | +13.5% | +10.5% | 7th highest of 19 |
| Operating margin | 46.7% | 38.5% | 6th highest of 19 |
| Forward P/E | 20.1× | 20.8× | 10th cheapest of 19 |
| Bond spread | 63 bp | 83 bp | 6th tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Intercontinental Exchange ICE | United States | $96.3B | +11% | +14% | 47% | 20.1× | n/a | n/a |
| BNY Mellon BNY | United States | $99.4B | +13% | -1% | 37% | 14.7× | n/a | n/a |
| CME CME | United States | $109B | +9% | +9% | 66% | 23.6× | n/a | n/a |
| Barclays BARC.L | United Kingdom | $75.1B | +1% | +7% | 22% | 8.2× | n/a | n/a |
| Robinhood Markets HOOD | United States | $72.9B | +5% | +22% | 44% | 29.7× | n/a | n/a |
| Interactive Brokers IBKR | United States | $129B | -10% | +16% | 87% | 23.9× | n/a | n/a |
| Deutsche Bank Aktiengesellschaft DBK.DE | Germany | $65.0B | +15% | 0% | 30% | 9.5× | n/a | n/a |
| Deutsche Boerse DB1.DE | Germany | $63.8B | +32% | +7% | 41% | 24.7× | n/a | n/a |
| Macquarie MQG.AX | Australia | $63.5B | +5% | +5% | 20% | 18.1× | n/a | n/a |
| HKEX 0388.HK | Hong Kong | $62.2B | -10% | +23% | 75% | 24.6× | n/a | n/a |
| Nasdaq NDAQ | United States | $59.4B | +21% | +12% | 31% | 23.4× | n/a | n/a |
| Charles Schwab SCHW | United States | $158B | +3% | +12% | 52% | 12.2× | n/a | n/a |
| CITIC Securities 600030.SS | China | $56.4B | -6% | -16% | 54% | 10.2× | n/a | n/a |
| State Street STT | United States | $45.0B | +11% | +2% | 33% | 11.1× | n/a | n/a |
| Goldman Sachs GS | United States | $250B | -8% | +12% | 40% | 12.0× | n/a | n/a |
| Cboe Global Markets CBOE | United States | $36.9B | +2% | +14% | 36% | 23.4× | n/a | n/a |
| Coinbase COIN | United States | $35.7B | -33% | -48% | -33% | 99.3× | n/a | n/a |
| Tradeweb Markets TW | United States | $29.7B | +17% | +14% | 44% | 27.9× | n/a | n/a |
| Yuanta Financial Holding Co. Lt 2885.TW | Taiwan | $28.1B | +28% | +78% | 28% | 14.2× | n/a | n/a |
Intercontinental Exchange has 21 bonds outstanding with $22.6B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 5.41%, a spread of 63 bp over government bonds.
Intercontinental Exchange reported $3.60B of remaining performance obligations at 30 Sep 2026, up 6% from a year earlier and up 6% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.05.